Americans’ 12 Greatest Fears About Retirement

Advertising Disclosure: When you buy something by clicking links on our site, we may earn a small commission, but it never affects the products or services we recommend.

Panicked worried senior unable to look at something scary
FabrikaSimf / Shutterstock.com

Thinking about retirement can be fun, but also a bit scary. After all, who doesn’t worry about growing older while trying to finance day-to-day life without a steady paycheck?

Some fears loom larger than others. More than 10,000 adults recently revealed their biggest retirement worries as part of the Transamerica Center for Retirement Studies latest annual retirement survey.

Following are the fears that haunt their visions of retirement.

12. Inability to retire on my own terms

Laid-off senior worker
Pormezz / Shutterstock.com

Share of respondents who cite this as a top retirement fear: 10%

Age discrimination in the workplace is illegal. Alas, it also is a fact of life.

A joint analysis by ProPublica and the Urban Institute estimates that 56% of workers experience at least one involuntary job loss after age 50. Just 1 in 10 of these workers who are laid off go on to find a job that paid as much as their previous position.

If you are an older worker looking for a new job, check out “25 Great Types of Work-From-Home Jobs for Retirees.”

11. Finding meaningful ways to spend time

Woman with box of clothing to donate
Kate Kultsevych / Shutterstock.com

Share of respondents who cite this as a top retirement fear: 19%

Many of us dream of a retirement full of endless rounds of golf or weekend getaways. But having too much time on your hands with nothing to do is not a recipe for happiness.

Volunteering is a great way to add meaning to retirement. But if you plan to volunteer in your golden years, get started now. As we point out in “12 Hard Truths About Retirement“:

“Among people who did not volunteer during their working years, just one-third finally begin volunteering during retirement.”

10. Affordable housing

home costs exceeding savings
pogonici / Shutterstock.com

Share of respondents who cite this as a top retirement fear: 20%

A decade or so ago, homes were selling for bargain prices, thanks to the bursting of the real estate bubble that triggered the Great Recession. Since then, home prices have exploded, leaving Americans clearly worried about future costs.

Although you cannot control housing prices, you can lower your costs significantly by getting the right home loan. So, stop by the Money Talks News Solutions Center and search for a great mortgage rate.

9. Lack of access to adequate, affordable health care

Home health aide
Monkey Business Images / Shutterstock.com

Share of respondents who cite this as a top retirement fear: 21%

As a general rule, the older we get, the more health care services become a part of our lives. The cost of health care seems to soar ever higher, but one way to tame those costs is to open a health savings account.

You need to meet certain requirements to qualify for an HSA, but if you are eligible, this type of account offers some of the most impressive tax advantages in the entire IRS code.

8. Feeling isolated and alone

Sad, middle-aged woman
Koraysa / Shutterstock.com

Share of respondents who cite this as a top retirement fear: 24%

Senior life can be lonely. Without the camaraderie of the workplace, some people find themselves alone far more often than they would like. As we have reported, this is especially a problem for single men.

But by and large, retirement is what you make it. So focus on creating connections with friends and family now to create a happy retirement in the future.

7. Cognitive decline

Senior with dementia
LightField Studios / Shutterstock.com

Share of respondents who cite this as a top retirement fear: 27%

One of life’s great fears is the worry that, someday, our ability to think may decline. But this is simply another of life’s realities, as much as we wish it weren’t so.

Ultimately, there is no sure way to prevent cognitive decline like dementia or Alzheimer’s disease. But researchers have suggested a handful of things you can do to lower your risk. For more, check out:

6. Possible long-term care costs

Man with dementia
LightField Studios / Shutterstock.com

Share of respondents who cite this as a top retirement fear: 28%

Standard retirement costs cause enough worry, but the price of long-term care sends financial anxiety to a whole new level.

If you are ready to face this sobering part of senior life head-on, check out “Should I Buy Long-Term Care Insurance?

5. Losing my independence

Nursing Home
Photographee.eu / Shutterstock.com

Share of respondents who cite this as a top retirement fear: 29%

Few things frighten older adults more than the thought of being dependent on others. Physical ailments and diseases like dementia quickly can rob us of our ability to care for ourselves.

This is a reality of retirement for millions, especially those who live a long life. All we can do is prepare — mentally and financially — for the possibility.

4. Inability to meet my family’s basic financial needs

An old man holding an empty wallet
Motortion Films / Shutterstock.com

Share of respondents who cite this as a top retirement fear: 30%

Getting older does not mean the end of worries about taking care of loved ones. However, it can be difficult to provide financially for others when you no longer have a regular income.

Investing wisely during your working years can help you build a large nest egg that will help you support loved ones during retirement.

Building a solid estate plan also allows you to care for your family after you are gone. Money Talks News founder Stacy Johnson has some thoughts on the topic in his podcast “Estate Planning Tips and Tricks.”

2. Outliving my money (tie)

Senior woman worried about money
Maria Symchych / Shutterstock.com

Share of respondents who cite this as a top retirement fear: 34%

Most of us worry about running out of money before we run out of life, as the old saying goes. So it’s no surprise to see this fear top the list.

As a group, American workers have saved notoriously little for retirement. And for many of us, time is running short if we hope to build a decent-sized nest egg.

But instead of panicking, check out “6 Ways to Supersize Your Nest Egg After Age 50” and get to work on the practical changes that could quell your fear.

2. Declining health that requires long-term care (tie)

Senior with dementia doing occupational therapy
Toa55 / Shutterstock.com

Share of respondents who cite this as a top retirement fear: 34%

If you’re paying close attention, you’ve noticed a theme on this list. Americans are quite worried about their long-term physical and mental health and what a decline in one — or both — might mean for their retirement years.

1. Social Security reduction or elimination

Oscar C. Williams / Shutterstock.com

Share of respondents who cite this as a top retirement fear: 35%

It is a widely reported fact that the Social Security system’s finances are in trouble. All that publicity likely contributes to the level of fear Americans feel about the government-run program’s future.

Is there still time to repair things? Social Security expert Jeff Miller weighed in with his opinion in “Can Congress Still Fix Social Security?

Get smarter with your money!

Want the best money-news and tips to help you make more and spend less? Then sign up for the free Money Talks Newsletter to receive daily updates of personal finance news and advice, delivered straight to your inbox. Sign up for our free newsletter today.